Forever home fund (Take 2)

edited 15 October 2014 at 7:51PM in Mortgage-Free Wannabe
91 replies 7.8K views
optimistic-mummyoptimistic-mummy Forumite
1.2K Posts
edited 15 October 2014 at 7:51PM in Mortgage-Free Wannabe
my little targets/challenges by 1/1/15

make £10 a day £129/£1280
No Spend Days 0/128
Weekly spend challenge <£230 p/wk x 16 wks = <£3680 *total spent £0



27/08/2014
hi im opto-mum
ive had a diary before (i think) but got abit well lost? but my head is now screwed firmly back on. and well we have a small amount of debt left to pay off and then its saving every spare penny so one day we can buy a forever home for our little family

me and my partner are in our 20's we have 2 kids and a kitten

myself and my partner have been together since yr 10 in high school

we currently live in a little flat (our main reason for wanting to save and move)

we would like to get married some day (sooner rather than later)

i have been trying to workout a do-able budget (long term)

but between now and january (when our main saving journey will begin) im just going to keep a note of every spend to see where our money goes and help us work out how much we can cut back and where we are on or under budget

my original aim was too follow the 'live off £4000 a year' idea but to be honest i dont think it would be possible so for now this is my aim

financial breakdown

debt
credit card £700 @ 10% (28/08/2014)
catalogue £468.31 (28/08/2014) £292 interest free period ends 7/11/14
£175 interest free period ends 2/06/15

income weekly £360 (£18,720 yr) (rent and council tax i have already deducted)
outgoings weekly £230 (£11,960 yr)

breakdown of outgoings

weekly essential bills
Electric £20 (trying to reduce this)
gas £13 (trying to reduce this)
water £9 (on a metre :( )
tv licence £6 (on a payment plan but hoping to change to annual for next year)

direct debits
partners mobile £9 (will reduce when contract is renewable)
my mobile £8.25 (will reduce when contract is renewable)
childrens disney books £2.25
Guide dogs £1.25

other outgoings
food/household and baby formula £80 (would like to get this down to around £60 before Christmas)
petrol £20
partners motorbike £5
clothes £5
xmas/birthdays etc. £20
other £30

Total £228.75p per week

we are not here next week so my journey will officially start on the 8th of sept but i am going to use the next few days as productively as possible to read across the boards on here and gain some knowledge on living frugally long term so i can save as much as possible as quick as possible

we have been very fortunate in recieving a gift of £1000 off my nana bless her heart. i never fail to smile when i go and see her and shes been my rock in recent years. we could pay off our debts but as my father doesnt know we have debts and hes the one looking after the money for me, i have decided to use it as a small stepping stone to our dream :)

anyways...

here goes ... wish us luck :A
200 weeks £25,000.00 / £700
«13456710

Replies

  • oh i forgot to mention. our cooker blew up again today (only 6 months old) ... i was going to do my own little version of the store cuboard challenge but going to leave it till when we get back from holiday now so i will hopefully have a working cooker and can cook more meals from scratch ...


    off to bed now will be up at the crack of dawn with kiddies
    got drs tomorrow too
    200 weeks £25,000.00 / £700
  • PushkinPushkin Forumite
    795 Posts
    ✭✭✭
    I wanted to say hi - am always so impressed with young people (well younger than me!) being so financially savvy - I wish I had been like that when I was in my 20s! I look forward to reading your diary.
  • hi pushkin thanks for stopping by.
    hi everyone

    i think being careful with money is something i picked up off my father from a very young age, i was reading back on my diary i found from when i was working at 14 and even then i would budget my money and always overbudgeted etc but nowerdays with the kids my budget can sometimes be hard to stick at and we end up having unexpected expenses etc (hence the debt) we just get ourselves sorted then the kids suddenly grow and non of there clothes fit etc etc it always seems to happen all at once. this is the main reason for building up an emergancy fund before anything else so i can break the rat race debt cycle once and for all.
    i know i can do it .. ive done it before i can do it again

    i use cloth nappies to help stretch the pennies. and i used to (when i last battled my way to debt freedom) account for every penny what came in and what went out. but once the debt was paid this slipped and hence we ended up not budgeting so well and ending up back in debt.

    i want to do this for me and my family to better our future.

    DP Hopes to one day set up his own business which i aim to help make as successful as possible

    im also starting a course in October to help better my carrier prospects and hopefully give us a brighter future

    im forever optimistic although i never used to be i used to be a worrier i have gone through some !!!! times through my teenage years and early adulthood but me and my partner have stuck together through thick and thin and hopefully finally things are looking up for us :)

    anyway im off for now thats enough from me

    speek later once ive scrolled even more threads and web pages for inspiration and tips

    take care everyone have a lovely evening :)
    200 weeks £25,000.00 / £700
  • edited 28 August 2014 at 7:07PM
    optimistic-mummyoptimistic-mummy Forumite
    1.2K Posts
    edited 28 August 2014 at 7:07PM
    hi again.... sorry for all the posts

    right so as of the 8th of sept i am going to sell as much as i can to help make a start at paying off the debt a bit quicker

    we have a fire which is in the shed
    a pram we no longer use
    a fridge we no longer use
    loads of kids clothes and toys
    a baby swing
    a coffee table
    a shelf unit
    a baby changing unit
    a carseat


    it needs to go ... i have listed some stuff already sold 1 item today for £10 so that has gone in the holiday tin

    also been looking at the food threads so i have a plan to try and cut costs in sept for that
    i need to do a stock take see how many meals are covered and will ust buy the remaining items we need for the month :)

    off to make a cuppa night all x

    following the £10 a day thread ... im hoping to aim for £10 a day between now and xmas ... most will be put towards debt some towards xmas

    going to start now counting yesterday and catch up after the holiday for the days i have missed
    200 weeks £25,000.00 / £700
  • Sounds like you are on a mission. I really need to sell some stuff but never can find the time. Will need to get my finger out.

    Good luck.
    MFW Start Date: 18/08/14
    Mortgage At Start £183389.89 Mortgage Now £151000
    Mortgage Free Date - [STRIKE]October 2038[/STRIKE] [STRIKE]July 2036[/STRIKE] November 2021 :T
    2014 Overpayments - £11600
    2015 Overpayments so far - £18000:j

    Aim to be Mortgage free by November 2021:beer:
  • edited 22 October 2014 at 9:18PM
    optimistic-mummyoptimistic-mummy Forumite
    1.2K Posts
    edited 22 October 2014 at 9:18PM
    we had a day out today at a zoo and also had tea out total spent £55 we haven't done much this summer holiday as haven't had much time (lots of appointments) or money ... so i didnt feel at all bad for this

    i havent even started planning christmas yet ... i feel so unprepared as i normally have xmas at least half done by now but i always go over the top and this year and in the future plan not to do this.

    xmas presents so far : (person and budget in bold)

    father in law £30
    watch - RRP £50 i paid £20

    DS2 £50 + main present of £150
    vtech book RRP £15.99 I paid £4.30
    leapfrog alphabet thing RRP £14.99 I paid £5.30
    megablocks piano RRP £29.99 I PAID £9.99
    Hippo toy £16.99 i paid £4.99
    2 trucks £14 (should of been £8 each)

    DS1 £100 + main present £200
    Monsters university throw RRP £12.99 i paid £4.50
    arena RRP £29.99 i paid £1.99
    arena monsters x4 TOTAL RRP £39.96 i paid £3.96 IN TOTAL
    gun RRP £29.99 i paid £1.99
    magic tricks RRP £20 I PAID £4.99
    GARAGE RRP £29.99 I PAID £4.99
    Lightening mcqueen car and plane RRP £49.99 i paid £19.99
    remote control car £25 (was suppost to be £50)

    Partner £100
    dad £30
    brother £30
    grandmother £10
    nana £10
    mother in law £30


    total RRP £340.87p spent so far £86.99p


    also we have managed to put up £320 spending money for the holiday which considering 8 weeks ago we had nothing i think is pretty good.

    now i have noted all that down i will most probably sleep better i hope.

    morning all or in my case as i toddle back to bed night all x
    200 weeks £25,000.00 / £700
  • hi all. we're back and im raring to go,
    we didnt use our cards on holiday and have a small amount of spending money left which im going to buy DS1 some trainers with

    my open university stuff has come - so excited to get started

    ***runs to see to restless baby will update shortly***
    200 weeks £25,000.00 / £700
  • hi everyone I wrote a post last night twice and both times got distracted so here goes attempt 3


    I have sold two items on ebay making around £50 after post and fees
    I have organised DS1's stuff for school
    I will list 5 things for sale tomorrow
    DP starts college Tuesday (currently working 2 jobs part time and evenings after a long struggle to employment) but may have a plan for the new year which may mean he can leave 1 job while at college


    for the next 30 days as of 8/09/14 (grocery challenge)
    food shop for £120 + £2 delivery
    formula £42
    toiletries/cleaning (household) £36
    total £200

    my brain is going mad got so much on my mind


    will update more when I can think better
    200 weeks £25,000.00 / £700
  • hi everyone


    been trying to do a food shop since last night but its taking forever to load and everything keeps saying out of stock going to try again tomorrow for delivery weds morning. I have enough to last for now


    I really should do a stock take and meal plan around that to keep food costs to a minimum


    on the plus side I have put £60 into the savings account and hope to pay some off the credit card this week


    ds1 needs a pair of trainers and 2 new school jumpers but other than a large food shop somepoint this week and paying the bills nothing else is needed I don't think


    going to do a large food shop so other than fresh stuff hopefully I wont need to do another food shop till end of October at a push .. plan is lots of baking. batch cooking meal planning and portioning correctly to help with minimal waste


    baby will be back in cloth ones sposies are all used up


    don't think there is much else to update on at the moment


    I am going to list 5 things for sale tonight minimum and hopefully can pay more off the debt / put in savings


    I really want to get the debt gone to start saving properly as soon as possible


    its fully back to reality tomorrow so hopefully that will help the financial side of my brain work better


    anyway im off for now


    take care all
    200 weeks £25,000.00 / £700
  • Hi,


    Gosh, you are well organised. I am impressed!
    Looks like you have picked up a few Xmas bargains already.
    I wish I had been savvy in my 20's!
    What course are you doing with the OU?
    Interest rate 1.25%, offset mortgage Woolwich
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